/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, June 15, 2016 /CNW/ – Pure Industrial Real Estate Trust (“PIRET”) (TSX: AAR.UN) today announced the closing of its previously announced public offering (the “Offering”) of 29,670,000 Class A trust units (each, a “Unit”), inclusive of 3,870,000 Units issued pursuant to the exercise in full of the over-allotment option, on a bought deal basis, at a price of $5.05 per Unit for total gross proceeds of $149,833,500. The Offering was conducted through a syndicate of underwriters co-led by BMO Capital Markets and RBC Capital Markets, on their own behalf and on behalf of CIBC World Markets Inc., Canaccord Genuity Corp., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., Dundee Securities Ltd., Echelon Wealth Partners Inc., GMP Securities L.P., Industrial Alliance Securities Inc. and Raymond James Ltd.
PIRET intends to use the net proceeds from the Offering primarily for the repayment of existing indebtedness, to fund a planned development project in Vancouver, for tenant expansion projects in Ontario and the U.S., acquisitions and for general trust purposes, as described in greater detail under the heading “Use of Proceeds” in PIRET’s prospectus supplement dated June 8, 2016, available on SEDAR at www.sedar.com. Pro forma the Offering and the intended use of proceeds therefrom, PIRET’s leverage will decline to 43.7% of gross-book value (as at March 31, 2016).
PIRET’s Units are listed on the Toronto Stock Exchange under the symbol AAR.UN. PIRET now has 216,261,159 Units issued and outstanding.
About Pure Industrial Real Estate Trust
PIRET is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets. PIRET is an internally managed REIT that focuses exclusively on investing in industrial properties.
Additional information about PIRET is available at www.piret.ca or www.sedar.com.
Forward-Looking Information:
Certain statements contained in this press release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “plan”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward-looking statements in this news release include that: (i) PIRET intends to use the net proceeds from the Offering primarily for the repayment of existing indebtedness, to fund a planned development project in Vancouver, for tenant expansion projects in Ontario and the U.S., acquisitions and for general trust purposes, and (ii) pro forma the Offering and the intended use of proceeds therefrom, PIRET’s leverage will decline to 43.7% of gross-book value. The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by PIRET, including: expectations and assumptions concerning receipt of required regulatory approvals.
Although PIRET believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because PIRET can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, competitive factors in the industries in which PIRET operates, prevailing economic conditions, and other factors, many of which are beyond the control of the PIRET.
The forward-looking statements contained in this press release represent PIRET’s expectations as of the date hereof, and are subject to change after such date. PIRET disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
SOURCE Pure Industrial Real Estate Trust (PIRET)
